Office Depot Breaks Ground on New Global Headquarters in Boca Raton

Construction to start with 625,000-s.f. facility

of Corporate Campus Business Editors/Retail Writers DELRAY BEACH, Fla.--(BUSINESS WIRE)--Nov. 20, 2006--Office Depot (NYSE:ODP), a leading global provider of office products and services, today officially broke ground on its new global headquarters in Boca Raton. For the company, which is now celebrating its 20th Anniversary, the 28-acre corporate campus provides a home that will fuel its continued growth over the next 20 years and beyond.

The approximately 625,000-square-foot facility being built inside the Arvida Park of Commerce on the southeast corner of Military Trail and Clint Moore Road, will house state-of-the-art technology and a design that inspires productivity and team work. The project will consist of three vertical, interconnected, five-story buildings that are linked by glass-enclosed atriums and will accommodate up to 2,500 Office Depot associates. As part of its relocation from Delray Beach to Boca Raton, Office Depot expects to expand its workforce over time.

"The creation of a new global headquarters marks a significant milestone in Office Depot's history," noted Steve Odland, Chairman and CEO of Office Depot. "It symbolizes not only our growth - from a company operating a single store in South Florida to a $15 billion enterprise serving customers in 42 countries - but also our commitment to the local community that gave us our start."

"I am honored to recognize Office Depot's longtime commitment to Florida, the state where it first established roots in 1986," said Florida Governor Jeb Bush. "While this fine global corporate headquarters would be welcomed anywhere, I am distinctly proud they chose South Florida to foster their future success. We greatly value their presence, economic contributions, and corporate citizenship, and I look forward to their ongoing success in the Sunshine State."

"Office Depot is instrumental to the economic engine that is South Florida and I'm pleased that we were able to support their decision to stay in Palm Beach County," said Boca Raton Mayor Steven Abrams.

"We know that Office Depot had many options for leaving Palm Beach County and the state of Florida," added Mary McCarty, Palm Beach County Commissioner. "We're thrilled they chose to keep their global headquarters here in Florida."

According to Odland, Office Depot expects to occupy the new headquarters building in 2008.

Office Depot is leasing the facility from Flagler/Codina Development Group, the wholly owned commercial real estate arm of Florida East Coast Industries, Inc. (NYSE:FLA), and joint venture partner TIAA-CREF Global Real Estate Group. Flagler Development Group will oversee the design, development and lease of the complex.

"Office Depot, a Fortune 150 Company, is recognized worldwide not only as a business leader but as an outstanding corporate citizen," said Jose Hevia, Chief Operating Officer of Flagler/Codina Development Group. "We are excited by the opportunity to develop a new global headquarters, which will be a high-caliber facility that has a positive economic impact on the community."

Office Depot's other partners in the project include:

-- Centex Construction - general contractor

-- Retzsch Lanao Caycedo (RLC) - exterior architect

-- Hellmuth, Obata + Kassabaum, Inc. (HOK) - interior architect

-- TLC Engineering - engineering design for the base building and interiors

-- EDI, Ltd. - information technology design

-- Cushman & Wakefield - construction advisory services

"South Florida is a growing business community that has much to offer," said Bob Rohrlack, Senior Vice President, Enterprise Florida. "We hope that Office Depot's continued presence in the area attracts other businesses to locate or expand here."

About Office Depot

Office Depot provides more office products and services to more customers in more countries than any other company.

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